Description

The 1787 Brasher Doubloon with EB Punch on Breast

1787 DBLN Brasher New York Style Doubloon. EB Punch on Breast.
XF45 NGC. Lots 30011 through 30017 represent what is almost
certainly the ultimate collection of coins related to Ephraim
Brasher, the New York city gold and silversmith. Included are two
colonial copper coins produced by John Bailey and punchlinked to
the Brasher Doubloons, two gold coins from Brazil that each have an
EB counterstamp, the important 1742-dated Lima Style Brasher
Doubloon, the famous 1787 New York Style Brasher Doubloon with EB
punched on the eagle's wing, and the unique 1787 New York Style
Brasher Doubloon with EB punched on the eagle's breast.
In the Garrett Collection sale, this coin was called "the single
most important coin in American numismatics." Today, its status is
no different. Any coin that is unique can be considered an
important coin. The importance also depends on the coin's position
in the numismatic world. A Colonial American gold coin, one of two
varieties intended for actual circulation, maintains a higher
position in American numismatics than another coin which might be
part of a long series of coinage issues. In his day, B. Max Mehl
was fond of comparing certain rarities to that "King of American
Coins," the 1804 dollar. Today, we have other coins that can
provide a comparison. Certainly, we feel this coin is the equal of
the 1804 silver dollar in terms of importance. It seems far more
important than the unique 1870-S three-dollar gold piece, or the
1870-S half dime, or other unique coins. Is it as important as the
1933 double eagle? In our opinion, it is. Is it worth as much, or
will it sell for as much as that coin recently sold for? We
certainly hope so. In fact, we whole-heartedly agree with Dave
Bowers' comments regarding the offering of this coin in the Garrett
Collection. We feel that this coin is the single most important
coin in American numismatics!

Obverse and Reverse
The surfaces have bright yellow gold with some peripheral weakness.
The tops of most letters are merged with the border. On the
obverse, the mountain and the sun show considerable weakness with
the sun merely outlined. Unfinished or crude die work is visible in
the central fields, in the form of horizontal and vertical raised
die lines. Below the central reverse device, small letters of
BRASHER are slightly disfigured. The entire design on both sides
shows evidence of slight doubling, most likely from multiple
punches to impart the appropriate detail to the coin.
The reverse is similar with the bottom of the date and tops of the
letters slightly merged with the border. EB punch in an oval on the
eagle's breast is actually on the shield which covers the breast.
This shield is lacking nearly all of its horizontal and vertical
lines and is nearly flat.

Specifications
Breen Encyclopedia 982.
Weight: 26.41 grams (per Walter Breen).
Die Alignment: 180 degrees, or coin-turn alignment.
Edge: Plain.
The NGC Photo-Proof lists a different set of specifications, and
they are recorded as the same for both specimens. As those
specifications are the same as the general specifications recorded
by Walter Breen in his Complete Encyclopedia, it is likely that
they simply copied this information from his work.

Pedigree
The unique Brasher Doubloon with punch on the breast reportedly was
in the Parsons and Bushnell Collections.
Charles Ira Bushnell was an uncle of the Chapman brothers. He was
born in New York City on July 28, 1826 and died there on September
17, 1880. He wrote articles for the New York Sunday
Dispatch, and also studied law but did not practice. After his
death, Bushnell's collection was offered for sale for $10,000, and
Lorin Parmelee paid $8,000 for its acquisition. Once he had removed
needed pieces, Parmelee consigned the collection to the Chapman
Brothers who offered it for sale under the original Bushnell name.
The sale was held June 1882 and Ed Frossard paid $505 for the
Doubloon.
Edouard Frossard was born in Switzerland circa 1837 and died in
Brooklyn, New York on April 12, 1899. Frossard saw active service
in the Civil War, and was wounded in a battle at West Point,
Virginia on May 7, 1862. Ed Frossard was the publisher of
Numisma, a magazine that also served as his own sales
vehicle. This was also the platform for his literary jabs at W.
Elliott Woodward, he returned blows in the pages of his own auction
catalogs. Frossard sold this Doubloon to T. Harrison Garrett,
patriarch of the Garrett family of Baltimore.
John Work Garrett was the son of T. Harrison Garrett of Baltimore.
He was born on May 19, 1872 and lived 70 years until June 26, 1942.
His father served as President of the Baltimore and Ohio Railroad.
Other members of this family had their own talents, and his
brother, Robert, participated in the 1896 Olympics, winning
America's first Olympic gold medal (shotput). John Work Garrett
served in the diplomatic service. His collection was donated to the
Johns Hopkins University of Baltimore, and was sold by Bowers and
Ruddy Galleries in four sales held from 1979 to 1981. This Doubloon
was sold as lot 2340 in the fourth sale, held March 1981, where it
realized $625,000.

Ephraim Brasher
Ephraim Brasher (pronounced Bray-zher) lived just a few feet from
President Washington in New York. Washington resided at 3 Cherry
Street and Brasher lived next door at 1 Cherry Street. Some sources
give the address of Brasher as 5 Cherry Street. Cherry Hill was a
fashionable section of New York in the 18th century, located just
north of the Manhattan side of the present day Brooklyn Bridge. His
business address was 77 Queen Street, not too far north of his
home.
Brasher was born in 1744 and lived to 1810, the entire 66 years a
resident of New York City. He was married to Anne Gilbert on
November 8, 1766. Ann was a sister of another New York silversmith,
William Gilbert. Some sources state that Brasher did not have any
children with Anne, or with his second wife, Mary Austin, whom he
married in 1797, sometime after Anne's death. Other sources suggest
that he did. Indeed, an article by Richard Bagg and Q. David Bowers
in the February 1980 issue of The Numismatist, "Ephraim
Brasher, Originator of the Famous Brasher Doubloon," mentions
Ephraim's great-great-great granddaughter, Deborah. This alone
would suggest that he did have children. Ephraim and Abraham
Brasher both served their apprenticeship with a silversmith, whose
name (or names) are not known today. Ephraim took his studies
seriously, and today there is beautiful silverware that survives
with his counterstamp. Little is known about Abraham or his work,
but Ephraim did excellent work and many pieces of his craft are
seen in New York and New England museums.
Brasher was also a respected member of the community. In his March
1987 Coinage article, "The Brasher Bicentennial," David T.
Alexander noted: "In the late 1700's, silversmiths and goldsmiths
were particularly respected members of the community, often acting
as bankers, assayers, and authenticators of the Babel of gold and
silver coins of the world which circulated in the bullion-starved
colonies and the new republic."
Not only were Washington and Brasher neighbors, but Washington was
also a customer of Brasher. He owned numerous silver pieces made by
Brasher, including a number of silver skewers with a surviving
receipt. It was certainly important for Washington to make a good
impression at state dinners, which he did with the assistance of
his Brasher silver.
Ephraim Brasher was a member of the New York Provincial Army in
1775 and 1776, serving the role of grenadier. He retired from the
militia in 1796 with the rank of Major. Later, he served local
politics in New York, almost like serving national posts at the
time. New York was the leader of banking and foreign trade, and was
also the new national capital. Brasher served on the New York
Evacuation Committee in 1783, marking the departure of British
troops from New York City. He also served as sanitary commissioner
from 1784 to 1785, coroner from 1786 to 1791, assistant justice
from 1794 to 1797, election inspector from 1796 to 1809, and
commissioner of excise from 1806 to 1810. In addition to all of his
service, and his private business affairs, Brasher served the
United States Mint in the early 1790s. This is known from a
Treasury Warrant in the amount of $27, paid to John Shield as
"assignee of Ephraim Brasher." This warrant was specifically
identified as a payment for assaying work that Brasher performed in
1792 for the Mint, following instructions of the Secretary of the
Treasury.

A Cast of Characters
The following biographies are adopted from Pete Smith, American
Numismatic Biographies, Rocky River, Ohio: Gold Leaf Press,
1992, with permission of the publisher, and with additional notes
from other sources. These individuals play a role in the pedigree
of various examples of the Brasher Doubloons, and all are listed in
the individual rosters. More notes are included below for those
whose coins are being sold today.The Chapman brothers began their numismatic career as
employees of John Haseltine, and formed their own auction company
with the first sale held in 1878. From then until 1906, they
conducted 82 auction sales together, and continued separately,
conducting more sales. The Chapmans set the standard for numismatic
cataloging at the time.Henry Chapman was born on October 18, 1859 and lived until
January 4, 1935. He and his wife Helen had a son and three
daughters. He conducted 51 auction sales from 1907 through the end
of his career. His business was continued by his wife, and his long
time employee Ella B. Wright who operated the business until
1948.Samuel Hudson Chapman was born on July 15, 1857 and died on
September 22, 1931. He and his wife Bertha had three sons. Samuel
Hudson Chapman conducting 28 auction sales from 1907 until 1924. He
retired from the business in 1929 and the remainder of his
collection and inventory was sold by Thomas Elder in 1932.Robert Coulton Davis was born in Philadelphia circa 1813 and
died on August 25, 1888. He was a pharmacist who was employed by
Charles Ellis and was later in business for himself. His
collections included signers of the Declaration of Independence, in
addition to his coin collection. Davis wrote a serial on Pattern
coins published in the Coin Collector's Journal. He held
membership in the Numismatic and Antiquarian Society of
Philadelphia as well as the American Philosophical Society.Lammont duPont (sometimes spelled Lammot) was born near
Wilmington, Delaware on October 12, 1880 and died on July 24, 1952.
He graduated from Massachusetts Institute of Technology in 1901 and
joined the family firm in 1902. He was married several times and
had a total of 10 children. He was president of E.I. duPont de
Nemours & Co. from 1926 to 1940 and chairman of the board from
1940 to 1948.Willis H. duPont Willis was born on May 27, 1936, one of
Lammont's sons, by the elders fourth wife. His father was 56 years
old when he was born. The duPont Collection was stolen on October
6, 1967 during a break in at the duPont home. The Brasher Doubloon
was returned in July 1968.James W. Ellsworth was born in Hudson, Ohio on October 13,
1849 and died in Palmieri, Italy on June 2, 1925. He was a
multi-millionaire with extensive business interests, including coal
mining. He was married to Eva Francis Butler on November 4, 1874
and she died in 1888. The couple had a son, Lincoln Ellsworth, who
participated in the Amundsen-Ellsworth Polar Flying Expedition,
which his father helped finance. James Ellsworth died during the
25-day period that his son was missing after a crash landing on the
polar ice. James remarried to Julia Fincke on April 22, 1895 and
she died in 1921. James Ellsworth was an exhibitor at the 1914 ANS
Numismatic Exhibition. His collection was sold to Wayte Raymond for
$100,000, with half the money coming from John Work Garrett who
selected coins he needed, including a Brasher Doubloon.John J. Ford was born on March 5, 1924 in Hollywood,
California. He and his wife Joan have three daughters. He served in
the Army Signal Corps during World War II and remained involved
with the military afterwards, including the U.S. Marine Corps
Reserve and Army Counter Intelligence from 1950 to 1959. Ford's
collecting interests began at the age of 11 with Lincoln cents. He
worked part time or full time for Stack's from 1939 to 1942, and he
also conducted a few auction sales under his own name in the 1940s.
His association with New Netherlands Coin Company from 1951 to 1971
was a significant aspect of his career. During this time he
developed a style of auction cataloging that had far-reaching
implications for future firms. Ford was a pioneer of the modern
style of informative auction catalog descriptions containing actual
numismatic research. His collection, which is currently being sold
by Stack's in a series of sales, consists of all aspects of
American numismatics except for regular issue coinage.William Randolph Hearst was a publisher who was born April
29, 1863 and died August 14, 1951. He was the editor of San
Francisco Examiner in 1886, and later bought his own newspaper,
the New York Morning Journal. He bought additional
newspapers after the financial success of the Morning
Journal. The Hearst empire included a 240,000 acre ranch at San
Simeon, California. Hearst acquired a Brasher Doubloon from Col.
Green, the Philadelphia Sewer specimen.Allison W. Jackman was born in 1849, although his date of
death is not known. His coin collection was sold by Henry Chapman
in June 1918. The introduction in the catalog stated, "Mr. Allison
W. Jackman was a highly cultured gentleman who devoted his life to
study, having never engaged in business and being a most devoted
son with an equally appreciative mother, his collecting was a
pleasure to both of them."Josiah K. Lilly was born in Indianapolis on September 25,
1893. He graduated from the University of Michigan in 1914 and
served as a captain in the Medical Supply Service during World War
I. He worked with the family business, Eli Lilly Pharmaceutical
Company, holding the position of director from 1914 to 1923, vice
president from 1923 to 1953, and chairman of the board from 1961
until his death on May 5, 1966. Lilly had an extensive library that
he donated to the University of Indiana in 1959. He also collected
military miniatures, stamps, gems, guns, and paintings. The Lilly
Collection of gold coins was donated to the Smithsonian by his
estate in exchange for a tax credit in excess of $5 million. His
gold collection was formed over a period of 12 years, much of the
business being done exclusively through Stack's. He acquired more
than 6,000 pieces, including the unique Brasher half-Doubloon.John G. Mills was born in Albany, New York on July 19, 1865.
His collection was sold by the Chapman Brothers on April 27-29,
1904.Waldo C. Newcomer was born in Baltimore on September 14,
1867 and died on June 29, 1934. He was a graduate of the Johns
Hopkins University in 1889. Newcomer and his wife Margaret had
three children. He was employed as a clerk with the Baltimore
Storage and Lighterage company and later with Atlantic Transport.
Newcomer was president of the National Exchange Bank from 1906
until 1924, also serving important positions with other banks and
also railroads. Part of his collection was stolen in 1913 by an
electrician who had installed a burglar alarm in his home. Included
in his collection were two Brasher Doubloons, a Lima Style Doubloon
and a New York Style with punch on the wing.Harold P. Newlin was an attorney in Pennsylvania who,
numismatically, specialized in half dimes and dimes, authoring the
first significant variety guide to early half dimes in 1883. John
Haseltine sold his collection at auction on April 10, 1883. Newlin
acquired the Col. Adams collection of gold coins, with many sold
privately to T. Harrison Garrett.Emery May Holden Norweb (Mrs. R. Henry Norweb) was born on
November 30, 1895 in Salt Lake City, Nevada. She was the
granddaughter of Liberty Emery Holden who was the founder of the
Cleveland Plain Dealer newspaper, still published today. She
was the daughter of Albert Fairchild Holden who gave her an
interest in numismatics. She was married to R. Henry Norweb, Sr. in
Paris in 1917, where she was driving an ambulance and working in
French hospitals. The couple's first child, R. Henry Norweb, Jr.
was born in August 1918 in a cellar during an air raid. Mrs. Norweb
was president of the Cleveland Museum of Art from 1962 to 1971. She
was a member of the American Numismatic Association for almost 70
years, joining in 1914. Much of their collection was sold in the
late 1980s by Bowers and Merena, but they made several donations,
including their Brasher Doubloon which was given to the ANS in 1969
and their 1913 Liberty Nickel that was donated to the Smithsonian
in 1978.Walter Perschke was president of Numisco Rare Coins in
Chicago. The firm handled five auctions sales from 1980 to 1982.
Earlier, Perschke paid $430,000 for his Brasher Doubloon in
1979.David U. Proskey was a dealer who was born in Wappingers
Falls, New York on December 12, 1853. He was married to Madgie Van
Houton in 1884 and the couple and three sons and a daughter. He
began his career as a coin dealer in 1873, conducting five auction
sales from 1876 to 1887. He cataloged coins for J.W. Scott and
Company from 1877 to 1886, and later joined with Harlan P. Smith to
form New York Coin and Stamp Company. Smith was the financier and
Proskey the cataloger. The firm continued in business after Smith
died. Proskey himself died on August 16, 1928 and his son, David V.
Proskey continued the business.Wayte Raymond was a dealer and publisher who was born in
South Norwalk, Connecticut on November 9, 1886. He and his wife
Olga were married in 1917. The couple remained childless. Raymond
was employed as a bank teller from 1901 to 1912, working for the
City National Bank of South Norwalk. He was a member of the Sons of
the Revolution and also a mason. Raymond joined the ANA at age 16
and later joined with Elmer Sears to form the United States Coin
Company, conducting 43 auctions sales from 1912 to 1918. he later
joined with James G. Macallister as numismatic catalogers for J.C.
Morgenthau and Company, holding over 50 sales. From 1908 to 1950 he
held 69 auctions sales under his own name and served the Scott
Stamp and Coin Company from 1934 to 1946, handling important
clients such as Col. Green. From 1946 until his death on September
23, 1956, he operated New Netherlands Coin Company. Raymond
produced his own line of coin albums and also wrote or compiled
several monographs, books, and other references. He published
Coin and Medal Bulletin from 1924 to 1933, Coin
Collector's Journal from 1934 to 1954, and Coin Topics from
1936 to 1940.Matthew A. Stickney was born at Rowley Massachusetts on
September 23, 1805. His childhood collection consisted of nearly
2,000 birds eggs that he acquired by the age of 10. Stickney was
employed by the firm of Sawyer & Pierce, dealers in West India
goods. He retired from this position in 1854. His coin collecting
interest began at about age 18. He had a good relationship with
Eckfeldt and DuBois at the Mint and was able to acquire needed
items from them, in trade. These included an 1804 dollar. He was a
member of the ANS. Stickney died at his home in Salem,
Massachusetts on August 11, 1894. His collection was sold several
years later by Henry Chapman in June 1907, one of his first
important sales after he and his brother parted company.

Bibliography
Many of the pedigree entries above involve auction catalogs that
often repeat the same basic story of the Brasher gold Doubloons.
Only a few articles delve into the subject with much depth. The
following are some of the more important articles for all of the
Brasher issues. In addition to the following references, various
auction catalogs offering Brasher Doubloons for sale have been
utilized.
Alexander, David T. "The Brasher Bicentennial." Coinage.
Ventura, CA: Miller Magazines, Inc., March 1987, pp. 16-17, 22,
116-122.
Bagg, Richard A. and Q. David Bowers. "Ephraim Brasher as Mint
Assayer and the Lima Style Doubloon." The Numismatist.
Colorado Springs, CO: ANA, March 1981, pp. 608-611.
Breen, Walter. Walter Breen's Complete Encyclopedia of U.S. and
Colonial Coins. New York: F.C.I. Press, Inc., 1988. Breen's
masterwork covering nearly all aspects of United States coinage and
most related issues.
Crosby, Sylvester S. The Early Coins of America. Boston: the
author, 1875. This remains the definitive reference on colonial
coinage, one of the most important 19th century numismatic
references published.
Felt, Joseph B. Historical Account of Massachusetts
Currency. Boston: the author, 1839. Reprinted by Burt Franklin,
New York, 1968. An indispensible reference for the collector of
Colonial American coins and currency.
Hodder, Michael. "Ephraim Brasher's 1786 Lima Style Doubloon."
Coinage of the Americas Conference. New York: American
Numismatic Society, 1992. This is the single most important
presentation of the topic ever published, and provides the basis
for all current knowledge of the Lima Style Doubloons.
Mehl, B. Max. The James Ten Eyck Numismatic Collection of Rare
Coins and Medals of the World. Ft. Worth, Texas, May 22, 1922.
The auction catalog of the important Ten Eyck Collection, which
included two Brasher Doubloons and many other important rarities,
such as an 1804 silver dollar.
Mossman, Philip L. Money of the American Colonies and
Confederation. New York: American Numismatic Society, 1993. An
original study of the economic history of Colonial America. This is
one of the most important numismatic works covering pre-Federal
America.
Risk, James C. "The Yale University Brasher Doubloon." The
Colonial Newsletter. Huntsville, AL: J.C. Spillman, editor,
September 1981, pp. 753-764. This was essentially a reprint of the
booklet prepared by Stack's when they offered the Yale specimen for
sale in 1981.
Smith, Pete. American Numismatic Biographies. Rocky River,
Ohio: Gold Leaf Press, 1992. The author spent considerable time and
resources seeking biographical material for many of the most
important collectors and dealers in American numismatics.
Vlack, Robert A. Early American Coins. Johnson City, NY:
Windsor Research Publications, Inc., 1965. The author provided an
overview of the various colonial issues, including a brief value
guide that is of little use today.From The Gold Rush Collection. (PCGS# 488)